Onyx Gold Significantly Expands Argus Zone to 525m Strike Length Munro-Croesus Project,
Onyx Gold Significantly Expands Argus Zone
to 525m Strike Length Munro-Croesus Project,
Timmins, Ontario
Westernmost hole returns 1.0 g/t Au over 27.6 Meters; Zone
Remains Open
Vancouver, British Columbia--(Newsfile Corp. - January 25, 2024) -
Onyx Gold Corp.
(TSXV: ONYX)
(OTCQX: ONXGF)
("
Onyx
" or the "
Company
") is pleased to announce the final exploration drill results
from its 2023 Fall Drill Program (the "
Program
") at its Munro-Croesus Project ("
Munro-Croesus
" or the
"
Project
") in the Timmins gold camp, Ontario.
2023 Work Program Highlights:
Drilling continues to define gold mineralization on 100-m step-outs at the Argus zone, successfully
doubling the strike length to 525m and a width of 200m, which remains open in all directions.
The Argus zone remains open for expansion, especially towards the west, where the zone likely
converges with the Pipestone Fault, a key regional structure known to host material gold deposits,
including Mayfair Gold's 3.5 million-ounce Fenn-Gibb deposit located 3.5km to the southwest of
the Argus Zone.
The westernmost hole returned
1.0 grams per tonne ("g/t") gold "Au" over 27.6 meters ("m")
,
demonstrating the strength of the Argus mineralized system, highlighting the upside potential of
further expanding the zone to the west.
Drilling in an under-tested area of the Argus zone successfully intersected gold mineralization
consistent with this zone, including
0.61 g/t Au over 47.6m
and
0.66 g/t Au over 28.5m.
Geological modeling of the Argus zone continues to define and refine controls to gold domains.
Plans for a 2024 follow-up drill program at the Munro-Croesus property are expected to be
announced in the coming weeks.
"We are very excited about the portfolio of properties we've accumulated in this world-renowned mining
camp.
With opportunities for continued discoveries of both high-grade vein and bulk tonnage gold
systems, it stands to reason that Onyx could become the go-to explorer in this prolific region," said Brock
Colterjohn, President & CEO. "The fall drill program successfully doubled the strike length of the Argus
zone to 525m, demonstrating the strength and continuity of the mineralized system. In addition, a new
high-grade vein discovery was made at Croesus, returning
121.8 g/t Au over 0.9 m
, including
363.0 g/t
Au over 0.3m
.
This work validates our approach to exploration in the Timmins Camp, and we are
excited to continue to test these zones and find new discoveries on our other properties on the belt.
We
look forward to outlining our targets and drill plans for 2024 in the coming weeks."
The Company completed the Program in early December with 4,078 meters drilled in 19 holes.
About
half of the Program was focused on expansion drilling at the Argus Zone on the Property's western side,
with the remaining half focused on follow-up holes at targets near the historic high-grade Croesus Gold
Mine.
Initial results reported from the Program included a new quartz vein discovery 350 meters
northwest of the historic Croesus Gold Mine, which returned
121.8 g/t Au over 0.9m
, including
363.0 g/t
Au over 0.3m
, within a 30 cm wide quartz vein containing
abundant visible gold
in drill hole MC23-
132 (
See Company press release dated December 6, 2023
).
Results reported today include eight (8) drill holes totaling 2,163.4 meters from the shallow, bulk-tonnage
style
Argus Zone
located three kilometers west of the Croesus Gold Mine.
The Program tested an area
of low drill density to expand the Zone to the northwest and then stepped out in 100-meter increments to
the southwest to test the convergence of the Argus Zone and the regional Pipestone Fault.
Highlight Assay Results
0.96 g/t Au over 27.6 m
, in hole MC23-140, including
3.86 g/t Au over 5.1 m
, including
8.57 g/t Au over 0.5 m
0.61 g/t Au over 47.6 m
, in hole MC23-135, including
1.69 g/t Au over 4.9 m
0.66 g/t Au over 28.5 m
, in hole MC23-136, including
2.09 g/t Au over 3.4 m
1.29 g/t Au over 5.1 m
0.45 g/t Au over 21.2 m
, in hole MC23-137
0.33 g/t Au over 24.0 m
and
8.33 g/t Au over 0.6 m
in hole MC23-138, and
0.43 g/t Au over 25.5 m
, in hole MC23-139, including
5.27 g/t Au over 0.7 m
The Argus Zone has now been defined over a strike length of 525 meters and a width of 200 meters and
remains open in all directions.
The results from hole MC23-140, the most westerly hole drilled by the
Company, show the strength of the Argus mineralization system as it approaches the Pipestone Fault
and highlight the potential to continue to drill further to the west.
The Munro-Croesus Project
The Munro-Croesus Project is located along Highway 101 in the heart of the Abitibi greenstone belt,
Canada's premier gold mining jurisdiction.
This large, 100% owned land package includes the past-
producing Croesus Gold Mine, which yielded some of the highest-grade gold ever mined in Ontario.
Extensive land consolidation
from 2020-2023 has unified the patchwork of patented and unpatented
mining claims surrounding the Croesus Gold Mine into one coherent package (
Figure 1
) and enhanced
the exploration potential of the Project. The Project covers 70 km
2
(27 mi
2
) of highly prospective geology
within the influence of major gold-bearing structural breaks.
Bulk-tonnage gold deposits located in the
immediate region include the Fenn-Gib gold project being developed by Mayfair Gold Corp. that
contains an Indicated Resource of 3.38 Moz at 0.93 g/t Au and an Inferred Resource of 157 koz at 0.85
g/t Au, and the Tower Gold Project being developed by Moneta Gold Inc. that contains an open pit
Indicated Resource of 4.46 Moz at 0.92 g/t Au and an Inferred Resource of 8.29 Moz at 1.09 g/t Au
1
.
The Argus Zone is located three kilometers west-northwest of the past-producing Croesus Gold Mine
and immediately north of the Pipestone Fault (
Figure 2
).
It is a broad zone of near-surface gold
mineralization within the influence of the regional gold-bearing Pipestone Fault. The Argus Zone is
characterized by silicified mafic variolitic volcanics cut by northeast-trending pyritic veinlets within a
broader halo of carbonate alteration and local development of specular hematite.
Selective historical
sampling during a small 1990s-era drill program yielded promising gold assays over narrow widths with
large sections of core unsampled. Onyx's recognition that mineralization may be more widespread
provided the rationale to target the prospect, resulting in the discovery of shallow, bulk-tonnage style gold
in 2022, highlighted by
62.8m at 0.79 g/t
within
136.0 m
at
0.54 g/t Au
in MC22-110.
Discussion of Argus Zone Results
The Company completed 2,163.4m in eight drill holes in the Argus Zone area to expand on the known
mineralization identified in 2022.
Three holes, MC23-135/136/137, were drilled on the same drill hole
cross-section through a little tested area of the zone; three holes, MC23-138/139/140, were drilled as
100-meter step-outs along the projected intersection of the Argus Zone with the Pipestone Fault; and two
holes, MC23-141/142, tested new targets to the east of the Argus Zone within the same variolitic mafic
volcanic flow below anomalous surface gold geochemistry (4.0 and 1.6 g/t Au).
Results from holes MC23-135/136/137 returned intercepts of
0.61 g/t Au over 47.6m
in hole MC23-
135,
0.66 g/t Au over 28.5m
in hole MC23-136, and
0.45 g/t Au over 21.2m
in hole MC23-137 (See
Figures 2 and 3
).
The geological model for the Argus Zone has now been updated and shows an
overall east-west trend to the mineralization, which bodes well for its ultimate convergence with the
northwest-southeast-trending Pipestone Fault.
Holes MC23-138/139/140 were drilled in 100-meter step-outs along the Pipestone Fault, immediately
southwest of the Argus Zone.
All three holes collared in sediments of the Porcupine assemblage and
were drilled north through the Pipestone Fault into the prospective mafic variolitic flow volcanics of the
Kidd-Munro assemblage.
All three holes intersected multiple zones of Argus-style mineralization within
the mafic volcanics and returned
0.33 g/t Au over 24.0m
and
8.33 g/t Au over 0.6m
in hole MC23-138,
0.43 g/t Au over 25.5m
in hole MC23-139, and
0.96 g/t Au over 27.6m
in hole MC23-140 (
Figure 4
).
The Argus Zone has now been defined over a strike length of 525m and a width of 200m and remains
open in all directions.
The results from hole MC23-140, the most westerly hole drilled by the Company,
highlight the continuation of the Argus mineralization system with encouraging 1.0 g/t Au grades as it
approaches the Pipestone Fault.
The Company is developing a follow-up drill plan with further holes
planned to the west.
Drill hole locations for the holes reported herein are shown in
Figures 2 and 3
and significant assay
intersections are shown in
Table 1
.
Results from Remaining Holes Testing the Croesus Flow
Results from four (4) additional holes, MC23-130/131/133/134, completed on the Brown-Munro Vein
Extension target in the vicinity of previously reported hole MC23-132 have been returned and included
1.92 g/t Au over 0.6m, 25 meters down-dip the visible gold intercept in MC23-132. Due to the high
variability in gold grades across the new vein discovery, follow-up work will prioritize drilling on closely
spaced centers around hole MC23-132 to determine the orientation and potential plunge to the gold-rich
zone.
Results from six (6) short holes, MC23-124/125/126/127/128/129, completed on the northeast extension
of the Backhoe Vein target, immediately northeast of the Croesus Gold Mine, returned narrow widths of
gold mineralization associated with quartz veining with highs of
5.19 g/t Au over 0.8 m
and
4.45 g/t Au
over 0.4 m
in hole MC23-125.
H1-2024 Ontario Drill Program
The Company is currently developing exploration budgets and programs for follow-up drilling at the
Munro-Croesus project and other Timmins-area projects during 2024.
Figure 1 - Location of Munro-Croesus Gold Project, Ontario
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/195650_9375b6e024b099c5_002full.jpg
Figure 2 - Plan Map of Argus Zone Drill Holes
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/195650_9375b6e024b099c5_003full.jpg
Figure 3 - Cross-section of Argus Zone with Drill Holes MC23-135/136/137
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/195650_9375b6e024b099c5_004full.jpg
Figure 4 - Cross-section of Argus Zone with Drill Hole MC23-140
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/195650_9375b6e024b099c5_005full.jpg
Table 1 - Munro-Croesus Project - 2023 Drill Hole Results
Drill Hole
From
(m)
To
(m)
Length*
(m)
Au
(g/t)
Backhoe/Croesus Extension Vein
MC23-124
63.8
65.6
1.8
2.06
And
97.8
98.2
0.4
2.43
MC23-125
61.3
62.1
0.8
5.19
And
80.8
81.2
0.4
4.45
MC23-126
No Significant Values
MC23-127
No Significant Values
MC23-128
83.4
86.1
2.7
1.02
MC23-129
No Significant Values
Brown-Munro Vein Extension
MC23-130
No Significant Values
MC23-131
52.0
53.5
1.5
0.90
MC23-132
82.7
83.6
0.9
121.85
Incl.
83.0
83.3
0.3
363.00
And
100.5
108.5
8.0
0.59
Incl.
100.5
103.5
3.0
1.18
Incl.
101.5
102.5
1.0
2.25
MC23-133
84.0
84.6
0.6
1.92
MC23-134
17.6
18.0
0.4
1.15
Argus Zone
MC23-135
65.0
65.5
0.5
2.81
And
96.5
144.1
47.6
0.61
Incl.
115.1
116.6
1.5
3.16
And Incl.
132.8
137.7
4.9
1.69
Incl.
135.7
137.7
2.0
2.86
And
154.7
157.7
3.0
1.33
And
172.2
175.1
2.9
0.60
Incl.
174.2
174.7
0.5
2.26
And
186.1
196.8
10.7
0.56
Incl.
191.3
191.8
0.5
1.56
And Incl.
193.8
196.8
3.0
1.07
And
224.2
229.6
5.4
0.61
Incl.
228.6
229.1
0.5
3.01
And
249.5
259.0
9.5
2.07
Incl.
255.0
256.0
1.0
12.85
MC23-136
4.8
15.0
10.2
0.61
Incl.
11.6
13.6
2.0
2.16
And
42.2
43.1
0.9
1.96
And
61.5
90.0
28.5
0.66
Drill Hole
From
(m)
To
(m)
Length*
(m)
Au
(g/t)
Incl.
61.5
64.9
3.4
2.09
Incl.
63.0
63.5
0.5
6.18
And Incl.
71.3
76.4
5.1
1.29
And
148.7
150.0
1.3
1.19
And
199.0
207.9
8.9
0.71
Incl.
205.0
207.0
2.0
2.53
And
250.2
251.5
1.3
3.78
MC23-137
5.0
26.2
21.2
0.45
And
53.3
55.2
1.9
0.93
And
173.2
175.5
2.3
1.62
MC23-138
118.5
120.0
1.5
1.46
And
192.0
216.0
24.0
0.33
Incl.
192.0
198.0
6.0
0.82
And Incl.
211.2
216.0
4.8
0.54
And
270.4
271.8
1.4
3.74
Incl.
270.4
271.0
0.6
8.33
And
291.0
295.0
4.0
0.95
Incl.
291.0
291.7
0.7
2.87
MC23-139
71.0
79.2
8.2
0.54
Incl.
71.6
73.0
1.4
1.17
And
130.5
156
25.5
0.43
Incl.
144.0
150.7
6.7
1.18
Incl.
147.6
148.3
0.7
5.27
And
236.5
239.5
3.0
2.49
And
297.8
300.0
2.2
0.97
MC23-140
42.2
45.2
3.0
0.72
And
70.7
73.7
3.0
0.96
And
96.3
123.9
27.6
0.96
Incl.
96.3
104.9
8.6
2.63
Incl.
99.8
104.9
5.1
3.86
Incl.
101.8
102.3
0.5
8.57
And
146.4
150.5
4.1
0.65
Incl.
146.4
147.4
1.0
2.04
And
166.5
169.6
3.1
0.79
Incl.
168.8
169.2
0.4
3.54
And
247.7
249.2
1.5
1.02
And
270.3
271.0
0.7
1.01
Drill Hole
From
(m)
To
(m)
Length*
(m)
Au
(g/t)
MC23-141
No Significant Values
MC23-142
No Significant Values
*Note - Drill intercepts reported as core lengths are estimated to be 70-100% true width.
Averages are length weighted using a 0.2 g/t cut-off and
maximum of 10m of internal dilution.
Ian Cunningham-Dunlop, P.Eng., Executive VP for Onyx Gold and a qualified person as defined by
Canadian National Instrument 43-101, has reviewed and verified the information within this table.
Drill Hole
From
(m)
To
(m)
Length*
(m)
Au
(g/t)
About the Timmins Area Gold Properties
Onyx owns 100% of each of its three Timmins properties.
The Munro-Croesus Gold Project is located
approximately 75 kilometers (47 miles) east of Timmins, proximal to the Porcupine-Destor and
Pipestone Faults, and approximately two kilometers (1.2 miles) northwest and along trend of Mayfair
Gold Corp.'s multi-million-ounce Fenn-Gib gold deposit.
Mining occurred intermittently at Munro-Croesus
between 1915 and 1936.
The Golden Mile 140 square kilometer (54 square miles) property is located
nine kilometers (5.6 miles) northeast of Newmont's multi-million-ounce Hoyle Pond deposit in Timmins.
The Timmins South (Golden Perimeter) 187 square kilometers (72 square miles) property is located to
the south and southeast of Timmins and surrounds the Shaw dome structure.
About Onyx Gold
Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, with
assets in Timmins, Ontario, and Yukon Territory.
The Company's extensive portfolio of quality gold
projects in the greater Timmins gold camp includes the Munro-Croesus Gold property, renowned for its
high-grade mineralization, plus two additional earlier-stage large exploration properties, Golden Mile
and Timmins South.
Onyx Gold also controls four properties in the Selwyn Basin area of Yukon Territory,
which is currently gaining significance due to recent discoveries in the area.
Onyx Gold's experienced
board and senior management team are committed to creating shareholder value through the discovery
process, careful allocation of capital, and environmentally/socially responsible mineral exploration.
Qualified Person and Quality Assurance
Ian Cunningham-Dunlop, P.Eng., Executive Vice President for Onyx Gold Corp. and a qualified person
("
QP
") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical
information contained in this release.
On Behalf of Onyx Gold Corp.
"
Brock Colterjohn
"
President & CEO
For further information, please visit the Onyx Gold Corp. website at
www.onyxgold.com
or contact:
Brock Colterjohn, President & CEO
or
Nicole Hoeller, VP of Corporate Communications
Phone:
1-604-629-1165
or North American toll-free
1-855-629-1165
Email:
or
.
Website:
www.onyxgold.com
Twitter :
@OnyxGoldCorp